Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 52-Week High Following Analyst Upgrade

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s share price reached a new 52-week high during trading on Tuesday after BTIG Research raised their price target on the stock from $25.00 to $34.00. BTIG Research currently has a buy rating on the stock. Adaptive Biotechnologies traded as high as $28.78 and last traded at $27.86, with a volume of 1458524 shares. The stock had previously closed at $28.61.

A number of other brokerages have also recently commented on ADPT. Piper Sandler lifted their target price on Adaptive Biotechnologies from $20.00 to $27.50 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a report on Friday, July 17th. Guggenheim raised their price target on Adaptive Biotechnologies from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Morgan Stanley boosted their price objective on shares of Adaptive Biotechnologies from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Finally, TD Cowen increased their target price on shares of Adaptive Biotechnologies from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Adaptive Biotechnologies presently has an average rating of “Moderate Buy” and a consensus price target of $27.07.

Insider Transactions at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, CEO Chad Robins sold 278,676 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $24.48, for a total value of $6,821,988.48. Following the transaction, the chief executive officer owned 2,180,518 shares of the company’s stock, valued at $53,379,080.64. This represents a 11.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Susan Bobulsky sold 1,195 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $27.00, for a total value of $32,265.00. Following the completion of the sale, the insider owned 395,794 shares in the company, valued at approximately $10,686,438. The trade was a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 2,017,025 shares of company stock valued at $47,093,615. Company insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ADPT. BlackRock Inc. bought a new stake in shares of Adaptive Biotechnologies during the second quarter valued at approximately $324,735,000. Wellington Management Group LLP raised its position in Adaptive Biotechnologies by 53.2% during the 2nd quarter. Wellington Management Group LLP now owns 5,911,366 shares of the company’s stock valued at $126,799,000 after purchasing an additional 2,053,944 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in Adaptive Biotechnologies during the 4th quarter valued at $65,942,000. Bank of America Corp DE purchased a new stake in shares of Adaptive Biotechnologies in the 2nd quarter worth $37,109,000. Finally, PBU The Pension Fund of Early Childhood & Youth Educators purchased a new stake in shares of Adaptive Biotechnologies in the 4th quarter worth $26,801,000. 99.17% of the stock is currently owned by institutional investors.

Adaptive Biotechnologies Stock Down 0.6%

The company has a current ratio of 4.79, a quick ratio of 4.68 and a debt-to-equity ratio of 2.22. The business has a 50-day moving average price of $24.73 and a 200-day moving average price of $18.91. The firm has a market cap of $4.45 billion, a P/E ratio of -68.02 and a beta of 2.09.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Wednesday, July 29th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.12). Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. The firm had revenue of $71.55 million during the quarter, compared to the consensus estimate of $65.44 million. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. The business’s revenue was up 21.5% compared to the same quarter last year. On average, equities analysts forecast that Adaptive Biotechnologies Corporation will post -0.4 EPS for the current fiscal year.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corp. (NASDAQ: ADPT) is a biotechnology company focused on applying immune-system data to the diagnosis and treatment of disease. The company develops technologies that decode T-cell and B-cell receptors, helping researchers and clinicians analyze the adaptive immune response at the scale of individual immune cells.

Its key products include clonoSEQ, a clinical diagnostic test that measures minimal residual disease in certain blood cancers, including multiple myeloma and acute lymphoblastic leukemia.